Private sector lender Axis Bank on Thursday launched ‘MicroPay’, first pocket-sized swipe machine of India, based on ‘Pin on Mobile’ technology for accepting digital payments. The bank launched ‘MicroPay’ along with Ezetap by Razorpay and MyPinpad as the technical solution partners.
The newly launched technology converts a merchant’s smartphone into a Point-of- Sale (POS) terminal to simplify digital payments. It offers them a cost-effective means to accept payments through card, UPI, BQR-code etc., while maintaining the highest security standards.
“It will be a true game-changer for businesses across India, especially for the retail and kirana shops in Tier-2 and 3 cities that operate on limited working capital and would prefer cost-effective payment solutions,” the bank said.
As per the bank, the pocket-sized device is a small low-cost card reader which supports “insert” and “tap” options for debit and credit cards. This secure card reader is connected to the merchant’s smartphone through Bluetooth and allows customers to punch in their PIN directly on the merchant’s smartphone. The security of the PIN is ensured by being compliant with PCI standards for Software-based PIN Entry on COTS (SPoC) phones.